Kedron and Surrounding Suburbs Weekly Market Update
Weekly Property Wrap Up by Daniel Hooper of One Percent Property
RATE MY AGENT 2021 KEDRON AGENT OF THE YEAR WINNER
REIQ 2021 "RISING STAR REAL ESTATE SALES" FINALIST
KEDRON, GORDON PARK, STAFFORD HEIGHTS, EVERTON PARK & SURROUNDING SUBURBS
30th of March 2023
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Daniel - 0424 585 391
daniel@onepercentproperty.com.au
Hi, I'm Daniel Hooper from One Percent Property coming to you with your Weekly Property Market Update for Kedron, Gordon Park and the surrounding suburbs. It is Thursday, the 30th of March 2023.
This week we had 1,142 sales in Queensland, which is about on par that we've been seeing recently. Auction clearance rate of 48%, slightly higher than the last few weeks. But definitely quite a positive rate. 28 sales in the inner north which is a good number shows lots of properties changing hands. Only one notable sale which was 24 Eight Avenue in Kedron—four beds, 810 square meters, $1.72 million. It's quite interesting how that Avenue area of Kedron really has held its value, despite the suburb median crashing by almost $300,000. A lot of really, really good prices still happening. People still want to get near the park, and they still want to live in that area.
In the media this week, prices have remained flat for the last 28 days. First time I've been able to say that for a month since April 2022—we've been losing 2 to 3% which is 30-plus thousand dollars a month on the median price in our local suburbs. So, saying that median price is flat is quite exciting to me. Waiting for April's inflation figures, which will come out in a couple of weeks, that's obviously going to have an effect on the rate rises and how we go from there. So, hoping that the inflation will drop, and things will look quite positive from there. By our inquiry is still very, very strong. Again, ten-fold up on what I was getting in November last year, we were getting 1 to 2 people thrown open. Now we're getting 10, 12, 13. So, really, really, really positive in the number of buyers, which is usually a ground level indicator on what's coming. So, it's starting to look much better. People are starting to be more positive. We're getting lots of offers and properties are selling, which is very, very positive for anyone in the market. Stock is also still very low. So, if you're thinking about selling your home and you're wanting to do the next few months, get in touch now because lots of buyers, no properties to choose from, means obviously, there's a bit of competition. Once more people realize that the market is starting to look a bit better, then more people will list their properties and then the competition will be less because there'll be more stock on the market. So, it is actually quite a unique time at the moment. It happens a lot of the turning of a market and, and I think that's where we are right now. So, probably quite a good time if you are thinking about selling. In the rental side, rental vacancy is still incredibly low across the city, there is a massive rental crisis as we know. There's really no clear path out. The government, in my opinion, and please understand it's just an opinion, but the government keeps throwing out these solutions that are just not solutions. Any solution that vilifies the homeowner or the investor or the person that's supplying the property is a massive problem. And it's not because I side with the homeowner or anything like that. It's because if you make it harder for people to own investment properties, that benefit them as the homeowner, they will not own the investment property anymore, they will sell it. And when they sell it, that's one more property that is out of the rental market. That is exactly what happened in 2021 combination of rental reforms and prices going up, meant that lots and lots and lots of investors took the money and ran. Sold the property—hey sold them to homeowners, which then meant that homeowner moved into the house and the people that were renting had to locate another property and again, one more property out of the rental pool. So I think in 21, I must have sold 35 properties that went from investors to homeowners, which means that's 35 properties for me, personally, that exited the rental pool. Now, if the government potentially implemented some policies that made it more beneficial for people to own investment properties, then people would go out and buy more investment properties. They would hold them and they would make them available to tenants, which would, in turn make it easier for people to move into…to live in rental properties and probably stop the upward price trend which is going on at the moment for rentals. That's just my opinion. At the moment, it just doesn't seem like the government's interested in implementing strategies to help get Queensland…get Brisbane and Queensland out of this rental crisis.
At One Percent Property this week—has been another good week.
31 Armentieres Street which is a nice family home on a beautiful street in Kedron that's sold has got unconditional. The sale price for that one is $1.66 million. That is a street record for Armentieres Street. So very, very happy I can deliver that for my vendors.
5/54 Sixth Avenue is under offer. That is a two-bed apartment sold in five days. Every apartment that I've sold this year is sold in five days. So, if you're looking to potentially sell a property…an apartment in Kedron, please let me know because it is actually a very, very good time to sell apartments currently, even though houses might be a bit tougher.
25 Glenhaven Street in Kedron also under offer today. That one took about six weeks. Got a great offer for our vendors and some new homeowners moving in. So, so very happy on all sides and then a new listing coming up; another apartment on Seventh Avenue in Kedron. So lots and lots going on around Kedron, lots and lots going on in the local area.
If you have any questions about anything I said today, if you have any questions about the market or if you'd like to get an update on the value of your home, please give me a call: 0424 585 391.
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